The IMF Executive Board is scheduled to discuss the third review of Egypt's USD8 billion loan program today. The greenlight from the board will see the Fund disburse a fresh USD820 million tranche into the state coffers and will allow Egypt to apply for an additional USD1.2 billion in climate financing.

The G20 countries could greenlight a decision to provide debt relief to the countries that are most indebted to the IMF, which could mean upwards of USD370 million in debt relief to Egypt.

The Oil Ministry and the Egyptian General Petroleum Corporation (EGPC) inked an agreement with Shell and Malaysia’s Petronas to invest USD222 million in the deepwater West Delta to boost its gas production.

The Oil Ministry and EGPC also signed an agreement with local energy giant Cheiron Energy to invest USD120 million in the Geisum and Tawila West development fields in the Gulf of Suez.

The government is reportedly in talks with Jordan to jointly purchase a new floating regasification unit.

Last June, foreign investments in government debt worth USD4 billion exited the Egyptian market.

SKPC released 2Q24 unaudited financial indicators. Net profit declined 3% YoY (+19% QoQ) to EGP667 million in 2Q24. During 1H24, net profit increased by a mere 1% to EGP1.23 billion. SKPC is currently trading at 2024e PE of 5.1x and EV/EBITDA of 4.1x.

AMOC released 4Q23/24 unaudited financial indicators. Net profit before minority interest increased by 62% YoY (+12% QoQ) to EGP441 million in 4Q23/24. During FY23/24, net profit before minority interest grew by 28% YoY to EGP1.75 billion in FY23/24. AMOC is currently trading at FY23/24e PE of 6.6x and EV/EBITDA of 5.9x.

Singapore-based chemical company Indorama — in partnership with Phosphate Misr — is building a USD400-500 million phosphate fertilizer plant in Ain Sokhna, according to an Oil Ministry statement.

OCDI reported solid 1H24 sales of EGP10.9 billion, up 33.8% y/y. Net profit in 2Q24 reached EGP235.4 million, up 59.3% y/y and down 39.7% q/q, bringing 1H24 net profit up 86.7% y/y to EGP625.5 million.

According to local media, EAST is investing an initial USD20 million to raise the efficiency of its production lines. The company may add three new production lines in the long term.

The Financial Regulatory Authority (FRA) has updated its rules governing the listing and delisting of special purpose acquisition companies (SPACs) on the EGX.

The FRA issued new rules to limit insider trading that prohibit company insiders, including board members, executives, and major shareholders owning 20% or more of a company’s capital, from trading during the five working days before and one day after the disclosure of any significant information.

Weekly Commodities Update

| | Last Price | WoW Change, %
| Brent, USD/bbl | 81.1 | -1.8%
| Diesel-HSFO Spread, USD/ton | 253 | -5.9%
| Egypt Urea, USD/ton | 365 | 8.0%
| Polyethylene, USD/ton | 1,060 | 0.0%
| Polypropylene, USD/ton | 1,000 | 0.0%
| Iron Ore 65%, USD/ton | 124 | -1.0%
| Steel/Iron Ore Spreads, USD/ton | 392 | 0.0%
| LME Copper Cash Price, USD/ton | 8,996 | -2.0%
| LME Aluminum Cash Price, USD/ton | 2,234 | -2.6%
| Egyptia Retail Cement, EGP/ton | 2,144 | 0.6%
| Steam Coal FOB Newcastle Australia, USD/ton | 135 | -0.2%
| SMP, USD/MT | 2,566 | 0.0%
| Last price may vary week over week in some indices due to time difference